London continues easier trend

Press, 5 September 1983, Page 21

London continues easier trend

Share prices on the London Stock Exchange fell steadily last week, continuing the trend of the previous week. The weakness accelerated on Monday, after a gloomy economic survey by the Confederation of British Industry, and the smaller than expected fall in the latest United States money supply, dealers said.

Renewed concern over Brazil’s debt problems caused a lOp fall in Lloyds Bank and other banks were also inclined easier in sympathy, dealers said. Falls among insurances ranged to

lOp. Tobacco shares were depressed, reflecting the possi-

bility of a price war after news that a wine and spirit chain store plans to market its own brand of cigarettes. Imperial group fell 6p to 111, Dunhill gave up 5p while Rothmans and BAT Industries fell 4p and 2p respectively. Because of reports of oil shows in Western Australia, BHP rose to its highest quote of the year on the London Stock Exchange. BHP, which holds 50 per cent of the interest in the permit area, rose to 706 p, in a day of busy trading among Australian shares. The shares gained 40p on the week.

Ampol Petroleum also rose to its highest quote of

the year, going up 13p to 107.5. In the Australian sector banks also held up well, but many miners fell sharply in response to sharply falling commodity prices. Ampol, 107%; ANZ, 285%; BHP, 706; Dalgety, 380; Elder Smith, 238; Fletcher, 104%; North BH, 193%; Plessey, 189; Renison, 290; RTZ bear, 655, and reg, 653%; Trans Dev 102; West Mining, 279%; Westpac, 184%; BAT, 140; Distillers, 229; Glaxo, 810; ICI, 542; Lloyds Bank, 499; Marks and Spencer, 207; P and O, 213; Prudential “A,” 470; Reed Int, 308; Shell Transport, 612; Unilever, 765; War Loan, 3% 35; de Beers, 960 (quoted in U.S. dollars).